- Prologis Inc (NYSE:PLD) proposed to acquire Duke Realty Corporation (NYSE:DRE) in an all-stock transaction valued at $61.68 per Duke Realty share.
- Under the terms of the proposal, each Duke Realty share would receive 0.466 shares of Prologis common stock, equivalent to a deal value of $23.7 billion.
- Prologis' proposal represents a premium of 29% to Duke Realty's closing price on May 9.
- Prologis made its unsolicited all-stock offer of $23.7 billion for Duke after more than five months of trying to convince Duke Realty to engage in private negotiations.
- Prologis has expanded its industrial footprint through acquisitions. The company acquired Liberty Property Trust in a $13 billion deal in 2020 and DCT Industrial Trust Inc in an $8.5 billion in 2018.
- In the letter, Prologis highlighted strategic & complimentary combination, enhanced external growth, accretion to core FFO, and significant synergies as benefits.
- Prologis controls a 1 billion square foot global network of warehouses and distribution centers, including facilities used by retail and logistics companies such as Amazon.com Inc (NASDAQ: AMZN), Home Depot Inc (NYSE: HD), and FedEx Corporation (NYSE: FDX), writes Wall Street Journal.
- Price Action: PLD shares closed 1.58% lower at $123.50 during after-hours trading on Tuesday.
- Photo via Wikimedia Commons
